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January 9, 2012 2:53 pm
Innocent Spouse Rules Eased
Spouses who file joint returns usually are liable for the tax on such returns. However, some joint filers can request relief from this liability by claiming to be an innocent spouse. The IRS has announced it has made favorable changes in the way it determines equitable innocent spouse relief, which is relief for those who do not qualify for other relief.
The new guidelines, which revise the threshold requirements for equitable relief and the factors used by the IRS in granting relief, take effect immediately.
Source: IR-2012-3
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Tax Glossary
Carryback
A tax technique for receiving a refund of back taxes by applying a deduction or credit from a current tax year to a prior tax year. For example, a business net operating loss may be carried back for two years.
